Part of the documentation process for your home loan is providing asset statements.
There are several reasons why we need the statements, but the primary reason is to make sure the earnest money and money needed for down payment or closing costs are from sources allowed by the loan program you are approved for. Below are some tips to help make the process of documenting these statements run smoothly.
If your earnest money check did not post in these 60 days, you will also need to provide a balance and transaction summary from the date of the last statement you had provided to current, showing the earnest money check clearing.
If your statement contains 8 pages, all 8 pages should be sent, even if they do not all include transaction activity. These statements must include bank name, account number, and account holder to be considered official balance and transaction summaries. If the statement comes from your computer, it must also include an URL address at the bottom of the page; if it comes from the bank, it must be stamped and signed by the teller.
The sources of all funds that come into the account must be documented. Automatic payroll deposits are acceptable without explanation; any other deposits must be verified with a copy of the check(s) deposited, or the check stub(s), and a note explaining where the funds came from.
Prior to making any cash deposits, talk to your loan officer. You might be better off not depositing it, and instead using it to buy groceries, gas, etc.
If you transfer money back and forth between multiple accounts, we need all pages of these account statements as well. We need a full paper trail of all funds into the account.
Accounts that are shared with non-borrowers will necessitate a signed letter from the other account holder(s) stating that you have full use and access to this account.
This documentation will help your mortgage application meet investor guidelines.